Home Prices Fully Recovered from Recession


Case-Shiller: Home Prices Fully Recovered from Recession

Case-Shiller: Home Prices Fully Recovered from Recession

Home prices in the U.S. have fully recovered from the recession, remaining on a pick-up with a 5.5 percent annual gain in September, according to data from the S&P CoreLogic Case-Shiller Indices, and advancing from the 5.1 percent seen in August.

The 10-City Composite in the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 4.3 percent annual increase in September, up from 4.2 percent the previous month, and the 20-City Composite reported a 5.1 percent annual increase, unchanged from the previous month. Denver, Portland and Seattle once again reported the highest year-over-year gains among the 20 cities in September, with Seattle at 11.0 percent, Portland at 10.9 percent and Denver at 8.7 percent.

Month-over-month, the Index reported a 0.4 percent increase, with both the 10-City and 20-City Composites reporting a 0.1 percent increase.

“The new peak set by the S&P Case-Shiller CoreLogic National Index will be seen as marking a shift from the housing recovery to the hoped-for start of a new advance” says David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “While seven of the 20 cities previously reached new post-recession peaks, those that experienced the biggest booms—Miami, Tampa, Phoenix and Las Vegas—remain well below their all-time highs.

“Other housing indicators are also giving positive signals: sales of existing and new homes are rising and housing starts at an annual rate of 1.3 million units are at a post-recession peak,” Blizter says. “From 1975 (the earliest date for the S&P Case-Shiller CoreLogic National Index) to this report, home prices rose at an annual rate of 4.9 percent before adjusting for inflation. The real or inflation adjusted pace was 1.1 percent per year. Real disposable personal income per capita—income after inflation and taxes on a per-person basis—rose 1.9 percent, outpacing home prices over the entire period. The stock market did better at 4.4 percent per year. We are currently experiencing the best real estate returns since the bottom in July of 2012, when prices rose at a 5.9 percent real annual rate. Given history, this trend is unlikely to be sustained.”

“With home prices growing to record highs, it’s important to remember this isn’t driven by speculation or easy credit like a decade ago,” says Bill Banfield, vice president of Quicken Loans. “It is led mostly by constrained home availability as buyers continue to battle over the few homes for sale, especially in the West. We may see a retreat in home prices when supply opens up, increasing choice for buyers and the health of the housing market.”

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Establish in 2005, Empire Appraisal Group, Inc., is Broward County’s leading residential appraisal company as a result of their accurate and reliable appraisals, excellent customer service, and quick turn times.  When working with an appraiser, integrity and professionalism are essential, and Empire Appraisal Group has a well-established reputation for providing the best appraisal experience.  Daniel Lindeman, the Chief Appraiser, is considered one of the top property appraisers in Florida, with nearly 15 years of expertise and 7,000+ appraisals to his credit.

We ‘specialize’ in helping people who need appraisals for estate purposes, divorce, bankruptcy, FSBO’s and more.

We also work closely with realtors to help establish listing prices, these pre-listing appraisals ensures sellers get top dollar for their home.

In addition, to homes of all shapes and sizes, we also appraise condos, multifamily homes, boat docks, land, as well as specialty properties. No job is too big or too small, from manufactured homes to mansions.

Call Empire Appraisal Group directly with any questions concerning your real estate values at 561-441-9298.  Also, check out our ‘Reviews’ page and see what others are saying about Daniel Lindeman and Empire Appraisal Group, Inc.

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